RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now
1 month, 1 week ago

RBI Restricts New India Cooperative Bank Businesses. Here's What Customers Must Do Now

ABP News  

The Reserve Bank of India imposed multiple restrictions on the Mumbai-based New India Co-operative Bank on Thursday. Issuing the RBI Direction on February 13, 2025, the central bank said, “The bank shall not, without prior approval of RBI in writing, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Direction.” These directions came into effect on from the close of business on Thursday and are expected to remain in force for a period of six months, subject to review. According to the RBI's Direction, these are the activities which cannot be undertaken by the New India Co-operative Bank till further notice. The central bank also informed the next steps for the customers of the New India Co-operative Bank.

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RBI withdrawal relief for New India Co-op Bank depositors. Check details here
1 month ago

RBI withdrawal relief for New India Co-op Bank depositors. Check details here

India Today  

The Reserve Bank of India has permitted depositors of New India Cooperative Bank to withdraw up to Rs 25,000 from their accounts. This decision comes just over a week after the central bank prohibited the bank from issuing new loans, dissolved its board and took control owing to ‘supervisory concerns.’ “The Reserve Bank, after reviewing the bank’s liquidity position in …

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000
1 month ago

RBI allows New India Cooperative Bank depositors to withdraw up to ₹25,000

Live Mint  

The Reserve Bank of India on Monday allowed depositors to withdraw up to ₹25,000 from New India Cooperative Bank, over a week after it stepped in to dissolve its board on the back of “supervisory concerns”. “The Reserve Bank, after reviewing the bank’s liquidity position in consultation with the administrator, has decided to allow a deposit withdrawal of up to …

RBI allows withdrawal of up to ₹25,000 per depositor of New India Co-operative Bank from February 27
1 month ago

RBI allows withdrawal of up to ₹25,000 per depositor of New India Co-operative Bank from February 27

The Hindu  

Days after imposing several restrictions on New India Co-operative Bank, the RBI on Monday relaxed the conditions and permitted customers to withdraw up to ₹25,000 from their deposit accounts with effect from February 27. On February 13, the Reserve Bank had imposed All Inclusive Directions on the Mumbai-based cooperative bank, which included a ban on deposit withdrawals, amid supervisory concerns. …

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal
1 month ago

New India Co-op Bank depositors get relief as RBI allows Rs 25,000 withdrawal

India Today  

The Reserve Bank of India on Monday eased restrictions on New India Co-operative Bank Limited, allowing depositors to withdraw up to Rs 25,000 from their accounts starting February 27. The bank had been under RBI’s All Inclusive Directions since February 13, which barred any withdrawals from savings, current, or other deposit accounts. “With the above relaxation, more than 50% of …

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained
1 month ago

New India Co-operative Bank: How a former GM was involved in ₹122-crore fraud — Explained

Live Mint  

India's central bank, the Reserve Bank of India, superseded the Maharashtra-based New India Co-operative Bank for the upcoming 12 months on Friday, February 14, after flagging concerns over poor governance standards and irregularities in its core lending operations. A former general manager of the bank, Hitesh Pravinchand Mehta, was allegedly involved in siphoning ₹122 crore from the lender and was …

New India Co-operative Bank update: Will RBI give some relief to depositors?
1 month ago

New India Co-operative Bank update: Will RBI give some relief to depositors?

India TV News  

New India Co-operative Bank update: Will RBI give some relief to depositors? New India Coop Bank update: The Reserve Bank of India is reportedly planning to give some relief to customers of New India Co-Operative Bank. Now, reports suggest that RBI may allow depositors of the troubled New India Co-operative Bank to withdraw funds in case of personal or medical …

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern
Trending News
1 month, 1 week ago

Is your money safe in co-operative banks safe? RBI's latest curbs raise concern

India Today  

Mumbai-based New India Co-operative Bank Ltd. was recently subject to stringent regulations from the Reserve Bank of India that prevented depositors from taking their money out. The repeated troubles in co-operative banks raise a pressing question: Are depositors' funds truly safe Chartered accountant Chirag Chauhan believes the risks far outweigh any benefits, clearly saying that money in co-operative banks is …

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?
1 month, 1 week ago

New India Co-operative Bank fraud case: How will the RBI crackdown impact account holders, depositors?

Live Mint  

New India Co-operative Bank fraud case: The Reserve Bank of India superseded the Maharashtra-based New India Co-operative Bank board for 12 months after imposing several financial and service restrictions due to irregularities in its lending practices. RBI order against New India Co-operative Bank Ltd In its instructions against the bank, the RBI said,"It is hereby notified for information of the …

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months
Trending News
1 month, 1 week ago

RBI Supersedes New India Co-Operative Bank’s Board for 12 Months

Deccan Chronicle  

Mumbai: A day after imposing restrictions on Mumbai-based New India Co-operative Bank, the Reserve Bank of India on Friday superseded its Board of Directors for 12 months citing poor governance at the bank. The central bank appointed Shreekant, former chief general manager of State Bank of India as ‘Administrator’ to manage the affairs of the bank during this period besides …

RBI supersedes board of New India Co-op bank
1 month, 1 week ago

RBI supersedes board of New India Co-op bank

The Hindu  

The Reserve Bank of India has superseded the board of New Co-operative Bank of India Ltd. for 12 months, a day after the banking regulator placed operational curbs on the lender citing poor goverance. The RBI appointed the former chief general manager of State Bank of India Shreekant the administrator of the three-member committee to manage the affairs of the …

Explained: Why RBI has imposed curbs on New India Co-operative Bank
Trending News
1 month, 1 week ago

Explained: Why RBI has imposed curbs on New India Co-operative Bank

Firstpost  

The Reserve Bank of India has imposed strict restrictions on Mumbai-based New India Co-operative Bank, barring it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months. Let’s take a look: Why RBI ordered New India Co-operative Bank to stop disbursements The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, imposing …

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions
1 month, 1 week ago

‘We have EMIs to pay’: New India Co-operative Bank customers gather in panic after RBI imposes restrictions

Hindustan Times  

The Reserve Bank of India had imposed several restrictions on New India Co-operative Bank due to supervisory concerns. They are saying that we will get our money within 3 months…We have EMIs to pay, we have no idea how we will do all of that.” RBI's restrictions on India Co-operative Bank The restrictions include ones on withdrawals by depositors. The …

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator
1 month, 1 week ago

Big update on New India Co-operative Bank: RBI supersedes board for 12 months, appoints administrator

India TV News  

The Reserve Bank of India on Friday superseded the Board of Directors of New India Co-operative Bank for a period of 12 months. Earlier on Thursday, the RBI imposed several restrictions on city-based New India Co-operative Bank, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into …

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds
1 month, 1 week ago

Customers queue outside New India Co-operative Bank as RBI imposes restrictions on withdrawal of funds

India TV News  

Queues of people were seen outside Mumbai-based New India Co-operative Bank as worried customers want to withdraw their money after the Reserve Bank of India on Thursday imposed several restrictions, including on the withdrawal of funds by depositors, amid supervisory concerns. The Reserve Bank's Directions to New India Co-operative Bank, Mumbai came into force from the close of business on …

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions
1 month, 1 week ago

New India Co-Operative Bank chaos: Customers express concern about deposits as RBI imposes restrictions

India TV News  

Several customers expressed concern as they gathered outside Mumbai-based New India Co-operative Bank on Friday, a day after Reserve Bank banned the bank from issuing new loans and suspended deposit withdrawals for six months, citing supervisory concerns and the lender's liquidity position. I got the information that the bank is allowing customers to operate locker but we have been standing …

Video: Chaos at New India Co-operative Bank branches after RBI restrictions
1 month, 1 week ago

Video: Chaos at New India Co-operative Bank branches after RBI restrictions

India Today  

The Reserve Bank of India on Thursday barred Mumbai-based New India Co-operative Bank Limited from issuing new loans, accepting fresh deposits and suspended deposit withdrawals for the next six months, citing supervisory concerns and the bank’s liquidity position. The restrictions have led to panic among account holders, with customers lining up outside bank branches in Mumbai and Thane, demanding access …

RBI issues notice to halt all financial operations of New India Co-operative Bank
1 month, 1 week ago

RBI issues notice to halt all financial operations of New India Co-operative Bank

India Today  

The Reserve Bank of India has issued a notice to New India Co-operative Bank Limited, Mumbai, restricting it from issuing new loans, accepting fresh deposits, or allowing withdrawals for the next six months. has issued certain Directions to New India Co-operative Bank Limited, Mumbai, whereby, as from the close of business on February 13, 2025, the bank shall not, without …

RBI curbs on New India Co-operative Bank: How does it impact customers?
1 month, 1 week ago

RBI curbs on New India Co-operative Bank: How does it impact customers?

India Today  

The Reserve Bank of India has placed strict restrictions on New India Co-operative Bank Limited, Mumbai, preventing it from issuing new loans, accepting fresh deposits, or allowing withdrawals for six months. New India Co-operative Bank has been struggling with financial losses in recent years. WHAT THE RBI DIRECTIVE SAYS The RBI has stated that from the close of business on …

RBI lifts restrictions on Kotak Bank
1 month, 2 weeks ago

RBI lifts restrictions on Kotak Bank

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Wednesday lifted the restrictions on Kotak Mahindra Bank, allowing it to issue new credit cards and onboard new customers through its website and mobile app, nearly ten months after an embargo was imposed on it. “Having satisfied itself based on the submissions, and remedial measures undertaken by the bank, the Reserve Bank, has …

RBI imposes monetary penalty on five co-operative banks. Details here
1 year, 2 months ago

RBI imposes monetary penalty on five co-operative banks. Details here

Live Mint  

The Reserve Bank of India has imposed monetary penalties on five co-operative banks for deficiencies in regulatory compliance. The co-operative banks that faced the central bank's action are Navsarjan Industrial Co-operative Bank Ltd, Mehsana Jilla Panchayat Karmachari Co-operative Bank Ltd, Halol Urban Co-operative Bank Ltd, Stambhadri Co-operative Urban Bank Ltd and Subramanianagar Co-operative Urban Bank Ltd. The Reserve Bank imposed …

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations
2 years, 2 months ago

RBI Imposes Monetary Penalty On 4 Cooperative Banks For Rule Violations

ABP News  

The Reserve Bank of India on Monday imposed a monetary penalty on four cooperative banks for violating rules. These banks are Baghat Urban Co-operative Bank, the Sahebrao Deshmukh Cooperative Bank, Sharad Sahakari Bank and Col. R.D. The RBI imposed Rs 8 lakh penalty on Baghat Urban Co-operative Bank, Solan, Himachal Pradesh, Rs 6 lakh on Sharad Sahakari Bank, Pune, and …

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank
2 years, 6 months ago

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank

News 18  

The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from Deposit …

RBI lifts restrictions on American Express; allows onboarding new domestic customers
2 years, 7 months ago

RBI lifts restrictions on American Express; allows onboarding new domestic customers

India TV News  

Highlights RBI allowed American Express Banking Corp to onboard new customers on its card network The central bank had imposed the restrictions on May 1, 2021 They were also required to report compliance to RBI The Reserve Bank on Wednesday lifted the restrictions on American Express Banking Corp and allowed the onboarding of new domestic customers on its card network. …

RBI imposes restrictions, withdrawal caps on 4 banks. Details here
2 years, 8 months ago

RBI imposes restrictions, withdrawal caps on 4 banks. Details here

Live Mint  

The Reserve Bank of India on Friday imposed various restrictions on on four cooperative banks. The central ban k of India has imposed restriction keeping note of deteriorating financial positions of these four co-operative banks. The four banks being put under restrictions by the RBI are are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, …

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details
2 years, 8 months ago

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details

ABP News  

Mumbai: The Reserve Bank on Friday imposed several restrictions, including a cap on withdrawals for the depositors, on four cooperative banks for six months given their deteriorating financial positions. The banks on which restrictions or directions under the Banking Regulation Act, 1949 have been imposed are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; …

RBI imposes Rs 23 lakh fine on THESE co-operative banks
3 years, 9 months ago

RBI imposes Rs 23 lakh fine on THESE co-operative banks

India TV News  

RBI imposes Rs 23 lakh fine on THESE co-operative banks The RBI said the penalties have been imposed due to deficiencies in regulatory compliance, and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. The Reserve Bank of India on Monday imposed penalties of Rs 23 lakh on …

RBI cancels licence of West Bengal-based United Cooperative Bank
3 years, 10 months ago

RBI cancels licence of West Bengal-based United Cooperative Bank

India TV News  

RBI cancels licence of West Bengal-based United Cooperative Bank The Reserve Bank of India on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan, West Bengal, as it does not have adequate capital and earning prospects. The Reserve Bank of India on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan, West …

Parliament Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]
4 years, 6 months ago

Parliament Clears Bill For RBI Supervision Of Cooperative Banks [Read Bill]

Live Law  

The Rajya Sabha on Tuesday passed the Banking Regulation Bill, 2020, by voice vote. Salient Features As per the statement and objects annexed to the Bill, "certain amendments were necessary in the parent Act to provide for better management and proper regulation of co-operative banks and to ensure that the affairs of the co-operative banks are conducted in a manner …

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision
4 years, 6 months ago

Lok Sabha Amends Banking Regulation Act to Bring Cooperative Banks under RBI's Supervision

News 18  

In a bid to protect the interest of depositors, the Lok Sabha on Wednesday passed an amendment to the Banking Regulation Act to bring cooperative banks under the supervision of the RBI. The bill, which comes in the backdrop of the PMC Bank scam, seeks to strengthen cooperative banks by increasing their professionalism, enabling access to capital, improving governance and …

Urban, multi-State cooperative banks to come under RBI supervision
4 years, 9 months ago

Urban, multi-State cooperative banks to come under RBI supervision

The Hindu  

To ensure that depositors are protected, the Centre has decided to bring all urban and multi-State cooperative banks under the direct supervision of the Reserve Bank of India. “In a landmark decision, the urban cooperatives and multi-State cooperative banks, which are 1,540 in number and have a depositor base of 8.6 crore, who have saved ₹4.84 lakh crore, a huge …

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months
4 years, 9 months ago

RBI bars People's Co-operative Bank from granting fresh loans, accepting deposits for 6 months

India TV News  

The Reserve Bank of India on Thursday said it has barred Kanpur-based People's Co-operative Bank from granting fresh loans and accepting deposits for six months, due to its weak financial position. The RBI also said no withdrawal of amount of a depositor will be allowed from the co-operative bank. "As from the close of business on June 10, 2020, the …

Bill to give more powers to RBI to regulate cooperative banks introduced in Lok Sabha
5 years ago

Bill to give more powers to RBI to regulate cooperative banks introduced in Lok Sabha

India TV News  

Bill to give more powers to RBI to regulate cooperative banks introduced in Lok Sabha A bill to provide more powers to the RBI for regulating cooperative banks was introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha on Tuesday. A bill to provide more powers to the RBI for regulating cooperative banks was introduced by Finance Minister Nirmala …

RBI should be given full power to regulate co-op banks: Satish Marathe
5 years, 4 months ago

RBI should be given full power to regulate co-op banks: Satish Marathe

The Hindu  

RBI Central Board Director Satish Marathe has asked the government to give full powers to the Reserve Bank of India to regulate all urban cooperative banks in the wake of depositors facing hardship in withdrawing their entire sum from the scam-hit Punjab and Maharashtra Cooperative Bank. In a letter to Finance Minister Nirmala Sitharaman, Mr. Marathe also suggested that a …

Nothing to panic about banking system, to review coop banks regulations soon: RBI Guv
5 years, 5 months ago

Nothing to panic about banking system, to review coop banks regulations soon: RBI Guv

India Today  

Allaying fears of any threat to the banking system, Reserve Bank governor Shaktikanta Das on Friday asked the public not to panic as the entire banking system, including cooperative ones, continue to remain sound and stable. Shaktikanta Das also said in the wake of the crisis at Punjab & Maharashtra Cooperative Bank, the RBI is reviewing the existing regulatory framework …

PMC Bank account withdrawal restriction: Key things to know
5 years, 6 months ago

PMC Bank account withdrawal restriction: Key things to know

Live Mint  

The Reserve Bank of India Tuesday announced a restriction on Punjab & Maharashtra Co-operative Bank for six months. "What is at stake is their hard-earned money parked with the bank for regular household requirements, and in many cases even their lifetime savings," AIBDA President Sunil Bhandare said. All you need to know: 1) PMC Bank customers are not allowed to …

RBI puts restrictions on PMC Bank for 6 months
5 years, 6 months ago

RBI puts restrictions on PMC Bank for 6 months

Deccan Chronicle  

Mumbai: The Reserve Bank of India on Tuesday barred Mumbai-based Punjab and Maharashtra Cooperative Bank Limited from granting new loans and accepting deposits besides capping withdrawals to Rs 1,000 per account. "Without the prior approval in writing from the Reserve Bank, the bank will also not be able to grant or renew any loans and advances, make any investment, incur …

Underreporting of bad loans behind RBI restrictions on PMC Bank
5 years, 6 months ago

Underreporting of bad loans behind RBI restrictions on PMC Bank

Live Mint  

Mumbai: Gross underreporting of bad loans is one of the primary reasons behind Reserve Bank of India’s restrictions on Punjab and Maharashtra Cooperative Bank, said two people aware of the development, adding that RBI is currently looking into the books of the bank. While the bank’s gross bad loans, as per its FY19 annual report, was at 3.76% of its …

RBI enforces restrictions on PMC Bank; customers clamour for their deposits
5 years, 6 months ago

RBI enforces restrictions on PMC Bank; customers clamour for their deposits

Live Mint  

Mumbai: Chaos reigned outside the Sion branch of the Mumbai-based Punjab and Maharashtra Cooperative Bank on Tuesday as depositors thronged to withdraw their money after the Reserve bank of India put restrictions on the bank. Photo: Aniruddha Chowdhury/Mint Watch: Chaos outside Mumbai based PMC bank after RBI imposes restrictions Like Patil, ₹11,000 crore worth of depositors' money is stuck at …

RBI puts restrictions on Punjab and Maharashtra Cooperative Bank
5 years, 6 months ago

RBI puts restrictions on Punjab and Maharashtra Cooperative Bank

Op India  

The Reserve Bank of India on Tuesday imposed restrictions on Punjab and Maharashtra Cooperative Bank, a Mumbai based urban cooperative bank. The direction says, “Depositors will be allowed to withdraw a sum not exceeding ₹ 1,000 of the total balance in every savings bank account or current account or any other deposit account by whatever name called, subject to conditions …

RBI bars PMC Bank from doing business for 6 months
5 years, 6 months ago

RBI bars PMC Bank from doing business for 6 months

The Quint  

Mumbai, Sep 24 The Reserve Bank of India has barred the Punjab & Maharashtra Cooperative Bank Ltd, Mumbai from carrying out the majority of its routine business transactions for a period of six months, sparking panic among the depositors and sending shock-waves in the city banking and business circles on Tuesday. The apex bank's Chief General Manager Yogesh Dayal said …

PMC Bank customers can not withdraw more than ₹1,000 from their accounts, says RBI
5 years, 6 months ago

PMC Bank customers can not withdraw more than ₹1,000 from their accounts, says RBI

Live Mint  

The Reserve Bank of India or RBI has put restrictions on the amount depositors of Mumbai-based Punjab and Maharashtra Cooperative Bank can withdraw from their accounts with the urban co-operative bank. The RBI however said that the issue of the directions to PMC Bank should not be construed as cancellation of banking licence by the central bank. Further, according to …

RBI lifts ban on Fino Payments Bank to open new accounts
6 years, 5 months ago

RBI lifts ban on Fino Payments Bank to open new accounts

Live Mint  

New Delhi: After almost five months of being barred from adding new customers, Fino Payments Bank, one of India’s first payments banks has been allowed to open new accounts by the Reserve Bank of India after it submitted the compliance report to the central bank. Fino Payments Bank had been unable to enrol new customers since the end of May …

After Dena Bank, RBI may put restrictions on 2 more lenders under PCA; 11 banks so far on watchlist
6 years, 10 months ago

After Dena Bank, RBI may put restrictions on 2 more lenders under PCA; 11 banks so far on watchlist

Firstpost  

One or two more banks may face PCA like Dena Bank if their quarterly numbers indicate further erosion of capital and unabated rise in net NPAs, a senior official of a public sector bank said. New Delhi: After Dena Bank, the Reserve Bank now is likely to impose certain restrictions on couple of more public sector lenders under the Prompt …

RBI has no record of any scams in cooperative banks since demonetisation
8 years, 2 months ago

RBI has no record of any scams in cooperative banks since demonetisation

Hindustan Times  

After putting the rural economy in trouble by banning district central cooperative banks from exchanging demonetised currency over fears of being misused for parking unaccounted money, the Reserve Bank of India has now admitted that it has no details of any irregularities or scams occurring in the DCC banks one month since demonetisation. The ban directly hit millions of farmers …

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